# Northmarq's Anthony Cohen Charts Course Through Net-Lease and Sale-Leaseback Markets
Anthony Cohen occupies a rare position in commercial real estate at just 34 years old. Six years into his career, Cohen holds the title of managing director at Northmarq's Los Angeles commercial investment sales office while simultaneously serving as co-leader of the firm's national net-lease and sale-leaseback group, a portfolio strategy that commands substantial capital flows across institutional and private investor circles.
Cohen's dual roles place him at the center of two dominant trends reshaping how businesses deploy real estate assets. Net-lease properties, where tenants cover property taxes, insurance, and maintenance costs, dominate the institutional investment landscape. Sale-leasebacks, where companies sell real estate to investors and lease it back, unlock balance sheet capital for operational growth. Both strategies require deep expertise in underwriting tenant credit, lease structure mechanics, and investor positioning.
Northmarq itself operates as a powerhouse in these segments. The firm ranks among the nation's leading commercial real estate services platforms, with particular strength in tenant representation, property sales, and debt placement. Los Angeles, where Cohen's office sits, remains one of America's most active commercial markets. The metro area's diverse tenant base spans healthcare, industrial, retail, and office uses, providing Cohen exposure to varied risk profiles and investor appetites.
At 34, Cohen represents the emerging generation of dealmakers who entered commercial real estate post-2008 financial crisis. His six-year tenure means he has built relationships through pandemic disruptions, supply chain chaos, and the recent interest rate environment. These experiences shape how he structures deals and evaluates risk in ways that older practitioners refined across different market cycles.
Sale-leasebacks grew particularly relevant after 2020. Companies facing operational strain sought to unlock trapped capital in owned real estate. This mechanism let operators convert real estate holdings into cash while maintaining occupancy through long-term leases. The strategy works best for tenants with strong credit ratings and demonstrable operational stability. Investors seeking predictable, long-duration cash flows buy these packages at yields reflecting tenant creditworthiness and lease duration.
Cohen's co-leadership of Northmarq's national net-lease and sale-leaseback group signals the firm's commitment to scaling these platforms beyond single markets. National coverage matters because institutional investors require portfolio construction across geographies. A pension fund seeking $500 million in net-lease exposure needs dealmakers who can source, underwrite, and close transactions coast to coast.
The commercial real estate debt markets, where Northmarq also maintains significant expertise, intersect directly with Cohen's sales work. Investors financing sale-leaseback or net-lease acquisitions depend on lenders willing to structure loans around long-duration leases with corporate tenants. Northmarq's integrated platform, combining leasing, sales, and debt placement under one roof, creates natural advantages for dealmakers like Cohen who understand all three mechanics.
For investors, the net-lease and sale-leaseback markets remain attractive despite recent rate increases. The 10-year Treasury trades above 4 percent, pushing cap rates higher, yet institutional capital continues flowing toward these strategies because lease structures provide downside protection tenant-wise. For operators, sale-leasebacks remain strategic tools to free capital for growth investments, acquisitions, or debt reduction, though today's higher interest rates make the cost of short-term capital raised through this mechanism more expensive than in recent years.
Cohen's rapid ascension reflects the depth of opportunity in these markets and Northmarq's position as a leading platform for executing transactions across net-lease, sale-leaseback, and broader commercial investment sales.